but they could have used their monkey.capital instead?
or buy monkeycapital.com for 2.5k
Escrow.com fees are on top of the payment, but yes, they are paid up front.
I'm inclined to believe the "acquisition" was a move to boost their ICO and there was never an intention to fully pay off the domain.
Actually Escrow is usually paid along with each instalment and takes a fee for holding and remitting payment. Same with the brokers cut. Its paid in instalments along with sellers cut.
So everyone missed out on this deal including Escrow.com
The Escrow.com fees - the "cut" - are paid up front. You're referring to the monthly fee for DNS, $25 /month if the buyer uses its own or $40 if they use that of Escrow.com.
No I am not referring to the holding fees. I am referring to the principal fees of the transaction.
I cant talk for your experiences off course, but I have been quite able to negotiate the principals paid in quarterly instalments along with the sellers cut. Hard sell to have seller agree to a holding deal if all fees are paid upfront.
Odd, that's not what I was told before, but you are correct.
They said he was repeatedly late, not that there was not a second payent.
Agreed, I don't know the specifics, nor did I check the DNS history, but probably make sense they most likely didn't even bother making payment #1, just fed off the PR.
Their current choice of domain defies all measure of common sense, I felt they got a pretty decent price given how marketable Monkey.com is across so many markets.
I have been thru a failed payment plan a few times, not always a bad experience, especially if they have a big first payment, and a few payments in before it happens, but they will find a good home for this one.
If you're Monkey Capital, this is a terrible PR story to be linked to. I would lose trust in any money management firm that defaults on payments. Not a good public look at all for them.
Did you read the article before you made that comment? It says he was repeatedly late. Being late is not the same as never paying. I had a guy rent a home off me for 13 month, and he never paid. From this guys statement, that was not the case here.
Yes, I read the comment, unless you have the escrow agreement in front of you, I doubt you know for sure either what the facts are.
He could have made a payment, and missed the deadline for the second payment, I am not sure, at which case escrow starts the default process.
There is a terms sheet which both parties sign, thru docusign, if you have viewed that then sure I will go with your facts, other than that you are nit picking over silly things.
lol. I am jut taking him at his word. You are assuming he never made a payment, something even the seller did not say, and sure it could have been not paid after the 2nd or 3rd payment, but repeatedly late to me means that he was late for several secluded payments, whatever those may have been. How long was the time from the "sale" to the default?
No, please re read my comments, I am thinking he maybe made 1 payment, and defaulted when it came time for the 2nd, the free PR was all they needed maybe to get some credibility behind their deal.
This ICO, cryptocurrency market is a whole another world, with some real characters involved, it is very unregulated.
I am aware of how it works in crypto, I own freebit.co.in, a type in name with about 12000 type ins a month, and am somewhat involved in bitcoin, so I know there are shady people in it...
Why are people typing this in?
Daniel Harrison's project is a scam. Please beware. We lost many ETH to his defunct Coeval. His project keeps shifting ground like a nomad. Please don't invest in his useless monkey project.
They want freebitco.in. They just type in the extra dot.
5000+ current referrals. I paid 999 for this domain name. The referrals paid it back.
Final update, from Jackson Elsegood of Escrow.com: fees are collected up front, along with broker's fees.
"That way if a buyer fails to pay at a later date the broker is protected."
I don't see why "broker should be protected". A broker gets a % of what seller gets and if a seller doesn't get the whole amount, then neither does a broker and neither should a platform.
Because the platform is providing a service, not a product. The broker can obviously have a separate agreement with the seller. Either way, they invested time and effort in completing a sale, even if it's "lease to own." If the buyer makes one payment, then defaults, should they get cents on the dollar?
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